Carlos G. Dominguez
Secretary of Finance
Chairman Emilio Aquino of the Securities and Exchange Commission; Mr. Ramon Monzon, President of the Philippine Stock Exchange; Mr. James Go, Chairman Emeritus of Robinsons Land Corporation; Mr. Lance Gokongwei, Chairman of Robinsons Land Corporation and President and CEO of JG Summit; Mr. Frederick Go, Chairman of Robinsons Land Commercial REIT Incorporated; distinguished guests: Good morning.
It has only been twenty months since the Duterte administration set the stage for REITs or Real Estate Investment Trusts to finally flourish in the country after more than a decade of deadlock. But here we are, already celebrating the fourth historic milestone in the Philippine REIT market.
Robinsons Land’s REIT offering is the largest to be listed in Philippine history in terms of market capitalization, portfolio valuation, and asset size. This reflects the company’s impressive portfolio and its sterling record as a property developer.
Robinsons Land extended its land leases to its REIT subsidiary for 99 years. This is the longest land lease tenure among Philippine REITs to date. This provides long-term sustainability and predictability to one’s investments.
This public offering is another vote of confidence that the Philippine economy is on track to a solid recovery from the difficulties brought about by the pandemic.
The strong performance of our REIT listings underscores the thirst of the market for secure and profitable investments. It affirms the REIT as a powerful instrument for capitalizing property development in the country. Most of all, the investments attracted by REIT confirm investor optimism in our economy.
Beyond efficiently raising capital for our property developers, REIT opens opportunities for the average Filipino to be part of — and profit from — the economic growth we expect in the coming period. That contributes to the broadening of the base of our financial system towards building a more inclusive economy.
I am sure that Robinsons Land’s REIT listing will help us accelerate our economic resurgence. Its reinvestment plan will further energize the real property industry and the other productive sectors of our economy. This will help create many jobs and attract more economic activity nationwide.
As we fast-track the rollout of the vaccination program for our people; deepen support to domestic businesses; and set the stage for high-value investments to flourish in the country, the prospects for a rapid and strong economic recovery become even clearer.
I wish Robinsons Land’s REIT the best and thank its board, officers, and staff for their confidence in the strength of the Philippine economy.
Thank you.
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